Electra investors fall foul of Revenue
Article Abstract:
Electra's tender offer was made when the company sought to defend itself from a bid by 3i, and it did not receive clearance from the United Kingdom Inland Revenue. Stockholders who have received money from tendering stocks to Electra may face problems with the Inland Revenue. The settlement was processed like a stock disposals, but the proceeds could be dealt with like dividend income, from the tax authorities' point of view. A spokesman from Electra has stated that aid will be provided to anyone being served notice by the tax authorities.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1999
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Battle over Brazilian trust threatens giant's image
Article Abstract:
Foreign and Colonial Emerging Markets has bought 19% of the warrants of Brazilian Smaller Companies (Brazit), an investment trust which it manages. There are three bidders seeking to manage Brazit, including Peregrine Securities. Peregrine director, Nichlas Parish, is concerned about Foreign and Colonial's purchase of the warrants. A majority of warrant holders has to approve any proposals to reconstruct the trust. Stockholders have already rejected both the liquidation of the trust and the status quo.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1997
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Investors in the middle of fight for Saracen
Article Abstract:
HSBC Asset Management and Invesco are both seeking to manage Saracen Investment Trust, which has performed poorly since it was introduced in 1994. HSBC claims support of some 50% of stockholders, and a stockholders' meeting has to beheld by 19 Sep 1997. Invesco has yet to spell out its proposals. A new manager is probably necessary, but investors should wait until they have been told the details of proposals prior to making a decision.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1997
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